On completion of a major in economics in the Bachelor of Economics or Bachelor of Commerce, students should progress from a general understanding of the economic way of thinking and simple analysis of economic problems in the first year, through the acquisition of more technical economic analytical tools in the second year core subjects, to being able to apply these concepts and tools to more sophisticated and informed analysis of economic problems and policies in a range of economic specialisations in second and third year subjects. They should have acquired understanding of the institutional and social settings and constraints within which economic decisions are made and economic policy formulated. Those who take economic history subjects should have added an historical perspective.
On completion of third year students should be able to address a wide range of economic problems with the ability to conceptualise and analyse them, and with an understanding of how various parts of the economy fit together and interact. They should have acquired and developed processes of logical thought which can be applied widely, and not just to those matters which are usually termed `economic', and be able to communicate the results to others. Students not only should be able to undertake economic analysis for employers in business and government and also to conceptualise and analyse problems in any area requiring the management of scarce resources, they should have acquired modes of thought and skills which provide a basis for a range of occupations both at the time of graduation and through their lives.
Subjects taught by the department
The Department of Economics offers two-year and three-year sequences in economics and a fourth year honours program. For Bachelor of Economics, Bachelor of Commerce and Bachelor of Accounting students, ECO1000 and ECO1010 are compulsory. ECO2020 and ECO2030 are also compulsory for Bachelor of Economics students and these core subjects should be taken by all students wishing to take a major sequence in economics. Such students should also take at least four other subjects from the Department of Economics, of which at least two should be third year subjects.
Students wishing to pursue a major sequence in economic history should take the first year economic history subjects ECO1510 and ECO1520 and at least four other economic history subjects, at least two being third year. Second and third year economic history subjects are: ECO2500/3500, ECO2510/3510, ECO2520/3520, ECO2530/3530, ECO2540/3540, ECO2550/3550, ECO2560/3560 and ECO3570.
Students of the faculty may also pursue minor sequences in economics, including economic history, by taking three second or third year subjects from the department. Or, students may select individual subjects (provided the appropriate prerequisites are satisfied) to complement specialisations in other areas.
Students of other faculties who have completed ECO1100 and ECO1110 (available only until 1994) and who are successful in gaining a transfer into the Faculty of Business and Economics, unless granted exemption, are not permitted to count ECO1100 and ECO1110 towards their Bachelor of Economics, Bachelor of Commerce or Bachelor of Accounting degrees and thus are required to complete the first-year subjects ECO1000 and ECO1010.
First-year subjects
* ECO1000 Economics
* ECO1010 Economics
* ECO1510 Economic history: world economic leadership
* ECO1520 Economic history: Japan and Australia
Second-year subjects
* ECO2020 Intermediate microeconomics
* ECO2030 Intermediate macroeconomics
* ECO2360 Environmental economics
* ECO2500 Imperialism and development in Asia
* ECO2510 Australian economic history
* ECO2520 Rise of capitalism
* ECO2530 Economic history of Victoria
* ECO2540 American business history
* ECO2550 Business in Asia
* ECO2560 European economic history since 1945
* ECO2720 Income distribution
* ECO2810 Comparative economic systems
* ECO2820 Capitalism: contrasting views
* ECO2830 Industrial organisation in Australia
* ECO2880 Economic and social issues
Students hoping to proceed to the Master of Economics within the Department of Economics (except in economic history) should note that a knowledge of econometric methods is required. Students should include one of ECM2410 or ECM3440 among their selected subjects.
Third-year subjects
* ECO3010 Current issues in economic policy
* ECO3500 Imperialism and development in Asia
* ECO3510 Australian economic history
* ECO3520 Rise of capitalism
* ECO3530 Economic history of Victoria
* ECO3540 American business history
* ECO3550 Business in Asia
* ECO3560 European economic history since 1945
* ECO3570 The international economy since 1945
* ECO3580 Economic history honours
* ECO3650 Applied general equilibrium analysis
* ECO3660 Monetary economics
* ECO3670 Economics of developing countries
* ECO3680 Economic growth
* ECO3690 International economics
* ECO3710 Labour economics
* ECO3730 Industrial arbitration
* ECO3740 Agricultural policy
* ECO3760 Transport economics
* ECO3770 Regional and urban studies
* ECO3790 Education and manpower
* ECO3800 History of economic thought
* ECO3810 Public finance
* ECO3830 Competition and regulation
* ECO3840 Mathematical economics
* ECO3850 Economics honours
* ECO3855 Topics in economics honours
* ECO3860 Resource economics
* ECO3890 Economic development of East Asia.
Students hoping to proceed to the Master of Economics within the Department of Economics (except in economic history) should note that a knowledge of econometric methods is required. Students should include one of ECM2410 or ECM3440 among their selected subjects.
Fourth-year (Honours) subjects
* ECO4020 Economics honours
* ECO4040 Economics/econometrics honours